ECR Minerals PLC (AIM:ECR) said it has received a first payment of A$53,000 (excluding tax) relating to the hire purchase sale agreement for its Coretech drilling rig.
The total sale consideration is A$350,000 with a further A$33,000 due every month for nine months until title in the asset transfers.
Plans to sell its remaining non-core assets including 20 acres of land at Springmount in Victoria are progressing, added the statement.